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If you have a voluntary repossession and the vehicle sells for less than owed can the lender garnish your wages for the difference?
Wiki User
∙ 8y ago
YES, in most states under most conditions.
Wiki User
∙ 8y ago
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What are car repossession laws in Missouri regarding notification to auction a vehicle?
what are the legalities of voluntary vehicle repossession
Can a bank take your other assets after repossession of vehicle in Ga?
Our company that refinanced the vehicle is threatning to garnish wages and garnish our other vehicle (of which is paid for) and other assets.
What is willing repossession?
a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com
Is the voluntary relinquishment of a vehicle by the borrower as damaging as a lender's repossession?
Yes, it is the same thing.
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
You returned a car you purchased because you could not pay for it?
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
When the borrower agrees to a voluntary repossession but their mother contests the action is that a wrongful act of repossession?
No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.
If a person does not want a vehicle anymore and gives it back to the lienholder is it considered to be repossessed?
Yes, voluntary repossession. Your credit will still suffer and the leinholder needs to sell the vehicle to get their money back. If they are unable to cover the loan fully, you are responsible for the difference.
Can you set up payments for what is left after a voluntary repossession and the vehicle is auctioned?
You can always make an offer, but its up to the lender whether its accepted.
Can you return a financed vehicle?
Yes. This is called a "voluntary repossession". You're still responsible for the entire amount of the loan, so if the car is worth less than the remaining loan amount, then you'll have to make up the difference. Also, it's still a repossession, even though it was voluntary, and will appear on your credit. If you're not late on the payments yet you may do better to sell the vehicle yourself and use the proceeds to pay off the loan, as this won't ding your credit.
May you get your car back for voluntary repossesion?
When you voluntarily surrendered your vehicle for repossession, you signed a voluntary release form. The probability of you redeeming your vehicle is extremely remote now. It is possible that if you attend the auction where it is being sold, you may be able to repurchase it though.
Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
